Being "Lost in the Market" is a problem you are facing if your company is completely unaware of what is going on with the competition and customers in the market in which you are competing. Typically, this can be identified by a lack of information on the Market Engineering measurements such as competitive prices, market shares, customer satisfaction, market growth, market size, market concentration, installed base, replacement rates, market age, and so forth. If this describes your company, read on.

10 Ways Market Engineering Can Help a Company That's Lost in the Market

1. It keeps the company aware of company position vis-a-vis competition.
2. It monitors changes in customer attitude for fast response.
3. It proactively identifies coming threats and problems.
4. It serves as a navigational tool to plot the company's course in the market.
5. It identifies key measurements of performance to evaluate the effectiveness of the company's strategy implementation.
6. It identifies ways to improve the company's market position.
7. It determines the best measurement instrumentation.
8. It integrates all departments into a market navigational system.
9. It improves communication of market dynamics and the company's position
10. Customers' perceptions, attitudes, and needs are monitored and exploited for improvement in market position.

Checklist for Turning Being Lost into Gain

• Buy, read, and implement Industrial Market Engineering or Healthcare Market Engineering
• Determine Market Engineering Measurements to navigate business
• Determine frequency of measurements for Market Engineering monitoring function
• Train cross-functional teams to create measurement-driven strategy
• Perform annual competitive benchmarking and analysis on all competitors
• Perform regular customer surveys to monitor attitudes
• Analyze competitor's customers on an annual basis
• Utilize customer database system as the backbone of the company, integrating all departments
• Monitor technology, market, and regulatory trends
• Train entire company on competition, customers, and Market Engineering: Be market focused!

The following questions will help our consultants target their strategic consulting advice to your specific situation. Once we receive this information, our consultants and market analysts will analyze your situation based on the Frost & Sullivan world database of market information, applying years of practical industry experience and current market conditions. There is no obligation and no cost for this service. Please take time to answer the questions in as great detail as possible. Your responses will be kept strictly confidential and will only be used to create carefully targeted strategic advice.

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Challenge Questions: Lost in the Market

1. What market are you competing in?
2. How do you currently monitor the competition?
3. Do your business plans take competitors into account?
4. Do you perform any customer analysis? Please describe.
5. Do your executives say, "I know the market because I've been working in it for 20 years"?
6. Do you rely exclusively on the sales force for customer information?
7. What measurements have you taken of your market?
8. What is the company's attitude toward competition?
9. What is the company's attitude toward the effectiveness of market research and strategy based upon?
10. What do you think it costs the company each year to be "lost" in terms of sales and profits?
11. Is market information clearly communicated in your company today?
12. Is teamwork in your company hurt by a lack of market information?
13. Are sales goals based on last year's sales?
14. Does the company have strategy sessions to discuss competition or the customers?

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